Fixed rate mortgage comparison

Warning: your home may be repossessed if you do not keep up repayments on your mortgage.

If you like the peace of mind that comes from knowing what your repayment will be every month, a fixed rate mortgage might be right for you.

Compare fixed rate mortgages

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How does a fixed rate benefit borrowers?

A fixed rate mortgage benefits those who want to budget with confidence and don’t want their repayments rising due to higher interest rates. For example, first-time buyers who are adapting to the routine of making regular repayments, or investors who want to ensure that their cash flow isn’t affected by rising interest rates.

If you fix your rate at the bottom of the market, you can reap the benefit of a secure and competitive rate when the rest of the market bears the risk of higher interest rates.

What are the pros and cons of a fixed rate mortgage?

A range of benefits and drawbacks are associated with a fixed rate mortgage which are discussed below.

Learn more about the benefits and drawbacks of fixed and variable rate mortgages.

Different fixed rate scenarios

Let’s look at some different situations to see if a fixed rate mortgage is suitable.

I’m planning to move houses soon, does a fixed rate mortgage suit me?

It’s best to avoid moving out until the fixed term has finished to avoid remortgaging. Remortgaging during the fixed rate period will incur early repayment fees.

One option is to opt for a fixed rate mortgage that comes with a portability option that lets you transfer your existing mortgage to the new property.

I’m currently stuck with a fixed rate mortgage that has a high interest rate. Can I remortgage?

Unfortunately, remortgaging during the fixed term period will incur a range of fees. However, if your current interest rate is very high, it may be worth remortgaging to a lower interest rate.

Can I negotiate a fixed interest rate?

You can definitely negotiate your interest rate before you settle your mortgage. However, it’s not possible to negotiate your rate during the term.

Frequently asked questions

• How much will I have to pay if I exit the mortgage early?

  This will depend on a number of factors:

  • How much time you still have left on your term.
  • The rate you locked in your mortgage for.
  • The rate your lender secured your funds for.

  For an accurate fee estimate, contact your lender and ask for a quote.

• What's an offset account?

  An offset account allows you to reduce the amount of the mortgage you pay interest on by as much as the amount of savings you’ve deposited in a linked offset account. Learn more about offset mortgages.

• What fixed terms are usually available in the UK

  The most common mortgage terms for fixed rates are between two and five years. Terms over five years are generally only offered by larger banks.

• Can I make extra repayments on a fixed rate mortgage?

  Many fixed rate mortgages allow you to make additional repayments, but the amount is restricted per year or per term. Some lenders will allow you to make as much as 10% of the mortgage balance in extra repayments each year. Making extra repayments towards your mortgage over the set limit will incur fees.

• Can I switch between a fixed and variable rate mortgage?

  Many lenders will allow you to switch between mortgage rates, although you might have to pay break fees if you’re switching from a fixed rate, just as if you were leaving your lender for another. If you’re switching from a variable rate mortgage to a fixed rate with the same lender, you’ll usually need to pay an exit fee, which can cost between £50 and £300.

• What happens once my fixed term ends?

  This depends on your particular lender and mortgage type, but your lender will usually notify you that your mortgage term is going to end and give you the option to fix for another term or allow your mortgage to revert to a variable rate. Keep tabs on your fixed term and conduct your research before the fixed term ends.

• Should I choose a fixed or variable rate mortgage?

  This depends on your lifestyle, future goals and attitude to risk. If your budget can’t handle an increase in mortgage repayments in the short term, it may be a good idea to fix in a rate. You should also take into account whether or not you will be selling your property during the fixed term. Learn more about variable-rate mortgages.

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Matthew Boyle

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Matthew Boyle is a mortgages and home services publisher at Finder. He has a 7-year history of publishing helpful guides to assist consumers in making better decisions. In his spare time, you will find him walking in the Norfolk countryside admiring the local wildlife.